TEHRAN, Iran (AP) — Iran's president has sent a bill to parliament that would cut four zeroes from value of the nation's sanctions-battered currency, the rial.

Semi-official news agencies reported the news on Wednesday, saying President Hassan Rouhani send the bill with urgency to the parliament to consider.

Iran's rial has been hammered by the effects of increasing U.S. sanctions on the country since President Donald Trump's decision to pull out of Tehran's nuclear deal with world powers over a year ago.

On Wednesday, the rial traded at 116,500 to $1. At the time of the 2015 nuclear deal, the rial traded 32,000 to the dollar.